About the ICO

Personal identification information of individuals has grown a lot lately as a process but the process of verification still hasn’t caught up. There have been many attempts at simplifying the process but none of these attempts focused on protecting the privacy of the individuals. This is where Velix.ID comes in. It aims at building a universal, transparent, decentralized, obscure, cost-efficient and time-efficient ecosystem for verification of identity. The problems with the existing identity verification system are:

Time Consumption
In the existing system, identity verification can take a lot of time—days, weeks, or even months—which depletes much-needed resources which had the potential of generating revenue.

Privacy
When data is stored in centralized locations, it is more vulnerable to various kinds of data breaches and hence risks exposing the user’s identity.

Security
In the process of ID verification, Personally Identifiable Information (PII) is often leaked at various stages thus leading to the unsolicited use of the information.

Financial Loss
The businesses incur a significant financial cost in the process of ID verification.

WhitePaper

Velix.ID has a pretty detailed whitepaper which goes into depths about how things would be implemented. The whitepaper has sufficient information required for anyone to take an informed decision about the cryptocurrency. Find the whitepaper here.

Rating: 9/10

Team

The Velix.ID team is a pretty promising one. They have a lot of individual experience in the Tech and FinTech sector. The team has 18 members, with at least one member for every aspect of the business—from developers to marketers and finance experts.

Rating: 9/10

Advisors

Velix.ID has 9 advisors including some prominent names in the blockchain industry such as Tony Simonovsky, Mickael Fourgeaud, and Mohit Kalra. The board of advisors includes:

Tony Simonovsky: INSIGHTCRYP.TO

Mickael Fourgeaud: PRIMABLOCK

Mohit Kalra: COINSECURE

Prof Simon Choi: ACME ARDENT

Manan Mehta: INFINITE ASSETS

Simon Noonan: SPORTSBET

Peter O’Neill: FINDBIOMETRICS.COM

Julian Smith: BLOCKFREIGHT

Himanshu Bindal: OneCo.Work

Rate: 8.5/10

Tokenomics

Tokens for Sale: 35,000,000 VXD

Initial Offering Price: 1 VXD = 1 USD

Soft Cap: 2,500,000 USD

Hard Cap: 23,800,000 USD

Currencies Accepted: ETH, BTC, XRP, LTC

Crowdsale Minimum Contribution: 0.1 ETH

Protocol: ERC-20

Rate: 9/10

Activity

Velix.ID has been pretty active on social media. Posts regarding Velix.ID can be found on all major social media platforms you would assume they would use. They have 18,280 members on their Telegram group. Their Facebook page has 9,126 followers and their Twitter account has 4,720 followers. The Reddit account of Velix.ID has 460 readers.

Rate: 9/10

Features

Universal: It is not limited to any particular nationality or geographical boundary

Secure: It does not store any data about the user with it

Transparent: Its ecosystem provides verifiable authenticity for every transaction made on the blockchain

Decentralized: With Blockchain, Velix.ID is able to decentralize the whole infrastructure in a way that every institution can verify and prove the authenticity of transactions of information —recorded on a transaction ledger

User-optimized: Its ecosystem will reduce the costs significantly as only a small fee has to be paid to the verified identity provider by the verified identity seeker

Obscure: Using zero-knowledge-proofs, the latest in the blockchain technology, Velix.ID blockchain ensures the privacy of transacting parties from other users on the blockchain

Conclusion

Velix.ID didn’t really come up with a disruptive idea. However, the field they are into has a lot of scope for improvement, and their inclusion can help change the whole scenario when it comes to verification of identity. Their team is pretty enthusiastic about the idea. It can actually turn out to be really successful if things go out as planned. For potential investors, this might be the right ICO to invest in. However, we would advise you to go through their whitepaper properly to be certain that you’re making the right choice.

*This is only a review and not financial gospel. Please invest at your own discretion.*

It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.

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